Fidelity Investments, the second-
biggest U.S. mutual-fund company, appointed Robert P. Brown
president of its bond unit to replace Christopher Sullivan, who
was named head of institutional fixed-income.

Brown was previously president of money-market funds,
Boston-based Fidelity said today in a statement. Nancy Prior,
managing director of credit research, was appointed to Brown’s
former job, while David Hamlin was named head of research for
fixed income, a new position, the company said.

Fidelity’s fixed-income unit, which manages $729 billion in
assets, is expanding its bond leadership after opening new funds
this year, including the Fidelity Conservative Income Bond fund
and the Fidelity Defined Maturity Funds, a series of four
municipal-bond offerings. All four executives named to new
positions will report to Charles Morrison, president of fixed
income.

The new appointments will help Fidelity “seize global
growth opportunities, while continuing to help us meet the
evolving fixed-income needs of our institutional and retail
clients,” Morrison said in today’s statement.

Sullivan, in his newly created role, will help Fidelity
create products for institutional investors and help evaluate
non-U.S. fixed-income strategies, according to the firm.
Fidelity managed about $1.4 trillion in assets as of Sept. 30.